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Submitted by

Ran Singh

( Roll No. 510728502 )

A Report submitted in partial fulfillment of
requirements for the degree of

Master of Business
of Sikkim Manipal University, India.

Sikkim Manipal University of

Health, Medical &
Technological Sciences
510728502 Page 1
System Domain
# 548, Shyam Complex, 1st Floor
Above Vivek - CMH Road
Indira Nagar, Bangalore

Centre Code: 2779

Development at
SBI Life Insurance”
Submitted by

Ran Singh
( Roll No 510728502 )
A Report submitted in partial fulfillment of the
requirements for the degree of

Master of Business
of Sikkim Manipal University, India.
Sikkim Manipal University of Health, Medical

510728502 Page 2
and Technological Sciences
Syndicate house, Manipal - 576 104

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I hereby declare that the
report entitled
Development at
SBI Life Insurance ”

Submitted in partial fulfillment of the

requirements for the degree of

Master of Business
To Sikkim Manipal University, India, is my
Original work and not submitted for the award of
any other degree, diploma, fellowship, or any
other similar title or prizes

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Place: Bangalore RAN SINGH

Date: October 2008 Roll No.


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The Project Report of


Development at
SBI Life Insurance”
is approved and is
acceptable in quality and

(Ravinder Kumar) (Anurag Yadav)

MA, MBA Manager

Internal Examiner External Examiner

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This is to certify that the
Project report entitled
Development at
SBI Life Insurance”
Submitted in partial fulfillment of the
requirements for the degree of

Master of
Sikkim Manipal University of Health,
Medical and Technological Sciences
Submitted by

Who has worked under my supervision and
guidance and that no part of this report has
been submitted for the award of any other
degree, Diploma, Fellowship or other similar

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titles or prizes and that the work has not
been published in any journal or Magazine

(Anurag Yadav)


1. Project work is never the accomplishment of one individual,

rather it is an endeavour efforts, ideas and involved co-operations of a
number of individuals.

2. It gives me immense pleasure to take this opportunity to thank

all those who helped in successfully completing the project.

3. First & foremost I would like to thank Mr Ravinder Kumar my

internal guide who provided me with this opportunity. Words are
inadequate to thanks Mr Ravinder Kumar for his constant
inspiration, heartily cooperation and timely support. Without his
support this project could not be completed in time.

4. I am extremely thankful to my external guide

Mr. Anurag Yadav, Manager, SBI Life Insurance, for his timely
guidance, support advice and cooperation during the project. His
guidance is invaluable in this project otherwise project would not have
been according to the given format.

5. I feel deeply indebted to all respondents, particularly those who

spent time with me to discuss the topic, for their valuable suggestions
in my study.

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1. Executive Summary 9
2. Scope of the study 13
3. Introduction 15
4. Company Profile 28
5. Project Profile 34
6. Objective 70
7. Research methodology 72
8. Data analysis and interpretation 76
9. Recommendation and Suggestions 91
10. Conclusion 94
11 Annexure 97

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1. This research is a part of my MBA degree programme which is

included in the curriculum of my Master of Business Administration. We

can not rely merely upon the theoretical knowledge. It is to be

complimented by practical know-how for it to be fruitful. A positive and

correct result of the distance learning needs realities of practical situation.

2. The training enables the management students to see the working

conditions under which they have to work in the future. It gives them a real

feel of the corporate world, which helps them to better equip themselves

with the required skills. It has been a great learning experience for me.

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1. Insurance is a contract where by, in return for the payment of

premium by the insured. The insurer pays the financial losses suffered by

the insured as a result of the occurrence of unforeseen events.

2. In India the first company known as Sun Insurance Office Ltd. was

set up in year 1710. During the early years of 19th century, a large number

of life insurance companies were formed in India. Some of these

companies preferred to amalgamate their business with other companies

and a good number failed to function effectively. In order to stabilize and

strengthen the insurance business, life insurance act 1923 was passed and

later amended in 1946, 1958 & 1967.

3. Insurance has always been a politically sensitive subject in India.

With less than 10 years of independence, the Indian govt. nationalized

private insurance companies in 1956 to bring this vital sector under govt.

control to raise much needed development funds. Prior to the Indian sector

had become 246 companies in the insurance sector. Then, Life Insurance

Corporation Of India was formed and all other life insurance companies

gave their business to the corporation. The basic intention was to pay the

concept of life insurance to the gross root level of the Indian society.

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4. Life Insurance is a very important part of personal financial

planning because it is the quickest and easiest source of cash for the family

upon the death of a person. Within days, the insurance company will

deliver cheques to the person’s designated beneficiaries. This provides the

money needed for funeral expenses, as well as for family living expenses.

5. In 1999, the Insurance Regulatory and Development Agency was

formed and from July 1, 2000, private players entered the insurance


6. India, has an amorphous middle-class of about 300 million people

who can afford to buy life, health and disability and pension plan products.

Out of this 20% have insurance and that too covers only 25% of their

needs and financial capacity. The remaining 80% have no insurance cover.

The Life Insurance market of India therefore is practically untapped. The

average business of LIC gets per active agent is Rs. 1.26 million.

7. Insurance needs to have social objectives and new covers will not

have that commitment. But now with the opening of the insurance sector to

private participants insurance is fast emerging as a much better alternative

tax planning in terms of returns as well as security.

8. The current budget has been a wake up call for Indian investors. The

era of fixed return instruments is over. This budget makes a point very

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clear one should be investing according to his financial goals and not with

the only objective to save tax. Investors should save and invest more for

his protection and meeting his future needs. His saving should not be

dependent upon governmental sops.

9. Regardless of the tax compulsion, one can never undermine the

importance of insurance in one’s financial plan insurance as it is rightly

said cannot be taken as a simple investment; rather it is a hedge against

uncertainty. And an uncertainty needs to be planned for simply because it

is uncertain. Moreover it’s an obligation that one has towards to the family

to ensure that the members are financially well off in any eventually.

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1. The sector chosen for study is “Channel Development” for the

simple reason that it offers exciting opportunities to have an insight into

the extensive distribution and sales network and study the functioning of

the channel structure, the hierarchy and the after-sales services procedure

that is being followed therein.

2. The area for the study was preferably south Delhi but as per the

requirement & the availability of the respondents some use to stay at very

corners of the state.

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1. Historians believe that insurance first developed in Sumer &

Babylonia. The merchants & traders of these societies transferred &

pooled their money to protect themselves from pirates.

2. In the 18th century BC, Babylonian king Hammurabi developed a

code of law known as the code of specific rules governing the practices of

early risk-sharing activities.

3. Insurance developed during the 1700’s in the North American

colonies. In 1730, Benjamin Frank contributed for the Insurance of Houses

from Loss by Fire. The company collected contributions & this money

went into an investment fund. Interest on this fund went towards paying

claims dividends to those who contributed money.

4. The Industrial Revolution in the US, in the early & mid 1800’s

prompted dramatic group. During this time, many companies were

establishes to sell life insurance policies & annuities. Several shared profits

among policy holders, also developed. In addition, some life insurance

companies charged premiums according to age of people & health.

5. Life insurance, in its present form, came to India from the United

Kingdom with the establishment of a British firm, Oriental Life Insurance

Company in Calcutta in 1818, followed by Bombay Life Insurance

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Assurance Company in 1823, the Madras Equitable Life Insurance Society

in 1829, & the Oriental Government Security Life Assurance Company in

1874. Prior to 1871, Indian lives were treated as sub-standard & charged

extra premium of 15% to 20%. Bombay Mutual Life Assurance Society,

an Indian insurer which came into existence in 1871, was the first to cover

Indian lives at normal rates.

6. The Indian Life Assurance Companies Act, 1912 was the first

statutory measure to regulate life insurance business. Later in 1928, the

Indian Insurance Companies Act was enacted, to enable the govt. to collect

statistical information about both life & non-life insurance business

transacted in India by Indian & foreign insurers, including the provident

insurance society. Comprehensive arrangements were, however, brought

into effect with the enactment of the Insurance Act, 1938. Efforts in this

direction continued progressively & the Act was amended in1950, making

far reaching changes, such as requirement of equity capital for companies

carrying on life insurance business, stricter controls on investment of life

insurance companies, ceiling on the expenses of management & agency

commission etc.

7. By 1956, 154 insurers, 16 non-Indian insurers & 75 provident

societies were carrying on life insurance business in India. On 19th January

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1956, the management of the entire life insurance business of 229 Indian

insurers & provident insurance societies & the Indian life insurance

business of 16 non-Indian life insurance companies then operating in India,

was taken over by the central govt. & then nationalized on 1st September

1956 when Life Insurance Corporation came into existence.

8. An ordinance was passed in 1968 to amend the Insurance Act to

regulate/control non-life insurance resulting in set up of GIC in 1973.

Malhotra committee submitted its report in 1994 & recommended means

to reintroduce an element of competition by withdrawing the exclusivity of

LIC & GIC. In 1997, Insurance Regulatory Authority (IRA) was

established which was later re-styled as IRDA in 1999.

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1. Liberalization commitments of the country to help in disciplining

future economic policies will include the insurance reforms. When the

world over, insurance, markets have been opened up, India cannot remain

in isolation. Globalization is the new economic reality, which is here to

stay, heralding a new era of insurance in India. With the opening of the

insurance industry, India stands to gain the following major advantages:

(a) Globalization will provide improved opportunities to the

customers for better products, with more reasonable & affordable


(b) The customer will get quicker servicing.

(c) It will enhance the savings rate.

(d) Long term funds for infrastructure development will be

available to the country.

(e) It will secure for India larger inflows of foreign capital needed

to sustain our GDP growth.

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Life Insurance Corporation General insurance Corporation

ICICI Prudential Life Insurance National Insurance Company

HDFC Standard Life Insurance The New India Assurance Company

Max New York Life Insurance The Oriental Insurance Company

Birla Sun Life Insurance United India Insurance Company

OM Kotak Mahindra Life Reliance General Insurance


Reliance Life Insurance TATA-AIG Insurance

Allianz Bajaj Life Insurance Royal Sundaram Alliance General Ins.

Dabur CGU Life Insurance Bajaj Allianz General Insurance

ING Vyasa Life Insurance ICICI Lombard Insurance

SBI Life Insurance SBI

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1. Insurance is a legal contract that protects people from the financial

costs those results from loss of life, loss of health, lawsuits, or property

damage. Insurance provides a means for individuals & society to cope up

with some of the risks faced in every day life by every body. People

purchase contracts of insurance, called a Policy, from various insurance


2. Almost every person existing in this world is associated with

insurance, directly or indirectly. Directly, in the sense that he/she has

insured his/her life by some kind of insurance policy from any

company. Indirectly, in the sense they must have insured the assets of

their own for example their house, car, or any thing else.

Insurance can be divided into three categories.

(a) Life Insurance

(b) General Insurance

(c) Health Insurance.

3. Life insurance is a contract for payment of a sum of money to the

person assured (or failing him/her, to the person entitled to receive the

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same) on the happening of the event insured against. Usually the contract

provides for the payment of an amount on the date of maturity or at

specified intervals or at unfortunate death. The contract also provides for

payment of premium periodically to the corporation by the assured.

4. General insurance includes many areas of insurance like marine,

motor, engineering, health, fire, etc. The contract provides for the payment

of an amount on the happening of some contingency. These types of

contracts are annual in nature.


5. In life, losses are sometimes unavoidable. People may fall seriously

sick or lose income or savings to pay off medical bills. Individuals or their

relatives may come across untimely death, whatsoever the reason may be.

The assets of people may get damaged due to some heavenly act or by

some nuisance creator.

6. No one knows in advance when a loss will occur or how serious that

loss will be. The uncertainty surrounding potential losses is known as Risk.

Insurance offers a way for people to replace risk with known costs- the

costs of buying & maintaining insurance policies.

Insurance pools risks shared by many people, thereby, reducing the risks

faced by a group. People pay to buy insurance coverage (protection from

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risk). In exchange, all policy holders (people who own insurance policies)

receive a promise that the group of policy holders as represented by the

insurance organization will pay when any policy holder experience any

kind of loss.


7. Insurance benefits society by allowing individuals to share the risks

faced by many people. But it also serves many other important economic

& societal functions. Insurance provides the capital that communities need

to quickly rebuild & recover economically from natural disasters.

Insurance itself has become a significant economic force in most of the

industrialized countries. Businessmen buy insurance to cover their

employees against work related injuries & health problems. They also

insure their assets against any kind of wear n tear by natural forces &


8. Insurance companies perform a type of monetary redistribution-

they collect premiums & eventually redistribute that money as payments.

Depending on the type of insurance, redistribution can take place

anywhere from a month to many decades. Because of this delay between

collecting & paying out funds, insurance companies invest their funds to

bring extra revenue. Such investments help business & government finance

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their operations, & few profits from these investments support the

operations of insurance companies. With these investment earnings,

insurance companies can keep rates much lower than would otherwise be



• It is superior to an ordinary saving plan: Unlike other saving plans, it

affords full protection against risk of death. In case of death, the full

sum assured is made available under a life assurance policy; whereas

under saving scheme the total accumulated saving alone will be

available. The later will be considerably less than the sum assured, if

death occurs during early years.

• Easy settlement & protection against creditors: The life assured can

name person(s) called Nominee to whom the policy money would be

payable in the event of his death. The proceeds of a life policy can be

protected against the claim of the creditors of the life assured by

effecting a valid assignment of the policy.

• Ready marketability & suitability for quick borrowing: After an

initial period, if the policy holder finds him unable to continue payment

of premiums, he can surrender the policy for a cash sum. Alternatively,

ha can tide over a temporary difficulty by taking loan on the sole

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security of the policy without delay. Further, a life insurance policy is

sometimes acceptable as security for a commercial loan.

• Tax Relief: The Indian Income-Tax Act allows deduction of certain

portion of the taxable income which is diverted to payment of life

insurance premiums from the total income tax liability. When this tax

relief is taken into account, it will be found that the assured is in effect

paying a lower premium for his insurance.


9. Assets are insured, because they are likely to be destroyed, through

accidental occurrences. Such possible occurrences are called perils, Fire,

floods, breakdown, lightning, earthquakes, etc, are perils. If such perils can

cause damage to the asset, we say that the asset is exposed to that risk.

Perils are the events. Risks are the consequential losses or damages. The

risk to a owner of a building, because of the peril of an earthquake, may be

a few lakhs or few crores of rupees, depending on the cost of the building

and the contents in it.

10. The risk only means that there is a possibility of loss or damage. The

damage may or may not happen. Insurance is relevant only if there are

uncertainties. If there is no uncertainty about the occurrence of an event, it

cannot be insured against. In the case of a human being, death is certain,

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but the time of death is uncertain, In the case of a person who is terminally

ill, the time of death is not uncertain, though not exactly known. He cannot

be insured.

11. Insurance does not protect the asset. It does not prevent its loss due

to the peril. The peril cannot be avoided through insurance. The peril can

sometimes be avoided, through better safety and damage control

management. Insurance only tries to reduce the impact of the risk and the

owner of the assets and those who depend on that asset. It only

compensates the losses – and that too, not fully.

12. Only economic consequences can be insured. If the loss is not

financial, insurance may not be possible. Examples of non economic losses

are love and affection of parents, leadership of managers, sentimental

attachments to family heirlooms, innovative and creative abilities, etc.

There are two type of insurance:-

 Life insurance

 Non-life insurance or General insurance

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13. These insurance are provided both by government and private

insurance companies. Now, what an insurance company is?

14. The IRDA Act, 1999 amending the Insurance Act, 1938 in Section 2

sub-section 7(a) state:

15. The important activities of a life insurance company are:-

(a) Procuring from prospective buyers proposals to grant life

insurance cover;

(b) Checking up and specifying the terms of acceptance called


(c) Issue contractual documents called policy incorporating

various terms and condition;

(d) Provide after sales services including payment of money as

per contract;

(e) Conducting other supporting activities like, investment of

funds, carrying out solvency measures, finalization of accounts,

getting or causing audit of accounts, actuarial valuation including

updating mortality tables; and

(f) Developing new products, sales promotion activities

including publicity, training of its personal (Sales/ administration).

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SBI Life Insurance Company Limited

1. SBI Life Insurance is a joint venture between the State Bank of

India and CardifSA of France. SBI life Insurance is registered with an

authorized capital of Rs. 1000 crore and a paid up capital of Rs. 500

crores. SBI owns 74% of the total capital and Cardif the remaining 26%.

2. State Bank of India enjoys the largest banking franchise in India.

Along with its 7 Associate Banks, SBI Group has the unrivalled strength of

over 14,500 branches across the country, arguably the largest in the world.

Cardif, the life insurance unit of BNP Paribas Assurance, has operations in

36 countries and over 35 million personal protection insurance clients

worldwide. A world leader is Creditor Insurance, BNP Paribas Assurance

is the life and property & casualty insurance unit of BNI’ Paribas – a

European leader in banking and financial services. BNP Paribas ranks

among the worlds top 15 banks by market capitalization and is one of the

oldest foreign banks with a presence in India dating back to 1860.

3. SBI Life Insurance’s mission is to emerge as the leading company

offering a comprehensive range of Life Insurance and pension products at

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competitive prices, ensuring high standards of customer service and world

class operating efficiency.

4. SBI Life has a unique multi-distribution model encompassing

Bancassurance, Agency and Group Corporates.

5. SBI Life extensively leverages the SBI Group as a platform for a

cross-selling insurance products along with its numerous banking product

packages such as housing loans and personal loans. SBI’s access to over

100 million accounts across the country provides a vibrant base for

insurance penetration across every region and economic strata in the

country ensuring true financial inclusion.

6. Agency Channel, comprising of the most productive force of more

than 25,000 Insurance Advisors, offers door to door insurance solutions to


7. After recording its fastest growth in the first nine months of the

current financial year SBI Life Insurance is planning to infuse additional

capital by February–March. The Life Insurance subsidiary of State Bank of

India, part on by owned by Cardiff, a BNP Paribas company reported

101% growth in total premium for the first nine months. To support the

business growth in the last quarter, which is the best quarter for insurance

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companies SBI Life plans to infused Rs. 300 crore to 400 crore additional

capital “ growth picked up considerably in the last quarter after having

been subdued till September” said U.S. Roy, M.D. & CEO of SBI Life


8. Asked about the issue of the capital infusion as the holding company

structure proposed by parent SBI Roy said “ if we don’t here from RBI

within a month or show, we would taken independent decision”. He said

the valuation process is on and an initial public offer of shares would also

be considered to raise capital. Assets under management stands at Rs. 7300

crore and the paid up capital is 600 crore.

9. SBI Life which ranks the third among the private life insurance in

India was the first to report profits in last quarter. It has wiped out

accumulate losses. While agency channel contributed 49% of its business,

44% came though the bancassurance channel, insurance products sold

through the 14,500 plus SBI Branches.

10. SBI Life net Rs. 38 cr, plans IPO in 2 years

• 101% growth in total premium collections to Rs. 2748.28 crore during

the first nine months of FY 2007-2008 and a net profit of Rs.37.74

crore YTD December, 07.

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• SBI Life sustains leadership in lives covered at 7.2 million lives.

• Bancassurance controlled to 44% through continued leveraging of the

robust State Bank Group branch network.

• Agency contributed to 49% of SBI Life’s total premium collection as a

result of its highly productive Insurance Advisors.

• The company’s Assets under Management have crossed Rs. 7300

crores, as on December, 2007.

• SBI Life ranks 3rd amongst private life insurance companies in terms of

premium collection and has a market share of 12.08% amongst private

peers as of Nov, 07 as per the latest IRDA reports.

SBI Life’s Mission Statement:

11. SBI emerge as the leading company offering a comprehensive range

of life insurance and pension products at comprehensive prices, ensuring

high standards of customer satisfaction and world class operating

efficiency, and become a model firm in the liberalized life insurance

industry in India.

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12. The Organisation Chart of the company is as follows:



Head of Sales Unit Manager

(HOS) (UM)

Zonal Sales Assistant Unit

Manager (ZSM) Manager (AUM)

Territory Advisors/Trainees

Branch Manager

Area Sales
Manager (ASM)

Senior Agency
Manager (SAM)

Agency Manager

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Insurance Products

1. Unit Linked Insurance Plans

• SBI Life – Horizon II : A unique non-participating plan with

Automatic Asset Allocation according to term to maturity. You don’t

have to be an expert to enjoy the benefits of the market related

returns plan.

• SBI Life – Unit Plus II Single – Regular : A flexible non-

participating plan designed to meet the changing requirements at

various stages, in life, i.e., the plan can be utilized as an investment

or an endowment plan, a money back or children’s plan, or like a

whole life plan.

2. Unit Linked Pension Plans

• SBI Life – Horizon II Pension: A safe and a hassle free non-

participating plan to build up your retirement kitty with Automatic

Asset Allocation according to Term to Maturity. You don’t have to

be an expert to enjoy the benefits of the market linked returns.

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• SBI Life – Unit Plus II Pension: A flexible pension plan designed

to take control of the golden years ahead. The plan offers a wide

choice to invest and control four different funds as per one’s risk


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Savings-cum-Protection Plans

• SBI Life – Sudarshan: A flexible participating endowment plan

with a unique option of 5% p.a. increasing Sum Assured.

• SBI Life – Money Back Plan: A participating lie insurance plan

that gives protection, savings-cum-guaranteed regular cash inflow.

Thus helps meet various expenses like marriage, education, birth of a

child, new home, etc.

• SBI Life – Scholar II: A participating endowment plan for child’s

future which ensures, you / your nominee receives the required

resources to fund the higher educational needs of the child and at the

same time insures your life.

• SBI Life – Swadhan (Individuals): A non-participating term

assurance term assurance plan with refund of partial/total premium

at maturity.

• SBI Life – Lifelong Pensions: The most flexible participating

pension plan that offers everything for comfortable retirement


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• SBI Life – Shield: A pure term assurance plan that offers substantial

life cover at a very low cost with an option to choose for increasing

Sum Assured.

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4. Group Insurance Plans

• SBI Life’s – Swadhan (Group): The plan provides simple life

insurance simple life insurance solutions to keep your loved one

protected. It provides protection to State Bank Group account

holders with refund of a percentage of net premium.

5. Micro Insurance Plans

• Grameen Super Suraksha: A group micro term insurance scheme

that enables the members and their families to have financial

independence and security at a lowest possible cost.

• Grameen Shakti: A group micro term insurance scheme with

refund of premium that enables the members and their families to

have financial independence and security at affordable premium



The basics of the insurance business in india are governed by the agency

law, which is part of the indian contracts act,1872. Further, after the

industry got opened up the regulatory authority has been the insurance

regulatory and development authority (IRDA).

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7. Agent-the definition

According to the section 182 of the Indian contract act ,1872, “an agent is

a person employed to do any act for another or to represent another in

dealing with a third person”.

In the insurance sector the term “agent” is ordinarily applied to a person

engaged by the insurer to procure new business.

8. Powers of the agent

An agent can act only to the extent of authority may be expressed or

implied. An authority is said to be expressed when it is given by words

spoken or written. It is implied when it is to be inferred from the

circumstances of the case.


The insurance act ,1938 defines an agent as “one who is licensed under the

act and is paid consideration of his soliciting or procuring insurance

business including business relating to continuance, renewal or revival of

the policies of insurance.”

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10. Section 14 of IRDA act,1999 lays down the duties, powers and

functions of IRDA.

• Subject to the provisions of this act and any other law for the

time being in force, the authority shall have the duty to regulate

,promote and ensure orderly growth of the insurance business and re-

insurance business.

• Without prejudice to the generality of the provisions

contained in sub-section(1),the powers and functions of the authority

shall include,

(a) Issue to the applicant a certificate of registration, renew,

modify, withdraw, suspend or cancel such registration;

(b) Protection of the interests of the policy holders in matters

concerning assigning of policy, nomination by policy holders,

insurable interest, settlement of insurance claim, surrender value of

policy and other terms and conditions of contracts of insurance;

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(c) Specifying requisite qualifications, code of conduct and

practical training for intermediary or insurance intermediaries and


(d) Specifying the code of conduct for surveyors and loss assessors;

(e) Promoting efficiency in the conduct of insurance business;

(f) Promoting and regulating professional organizations connected

with the insurance and re-insurance business;

(g) Levying fees and other charges for carrying out the purposes of

this act;

(h) Calling for information from, undertaking inspection of,

conducting enquiries and investigations including audit of the

insurers, intermediaries, insurance intermediaries and other

organizations connected with insurance business;

(i) Control and regulations of the rates, advantages, terms and

conditions that may be offered by insurer in respect of general

insurance business not so controlled and regulated by the tariff

advisory committee under section 64U of the insurance act,1938(4

of 1938)

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(j) Specifying the form and manner in which books of account

shall be maintained and statement of accounts shall be rendered by

insurers and other insurance intermediaries;

(k) Regulating investment of funds by insurance companies;

(l) Regulating maintenance of margin of solvency;

(m) Adjudication of disputes between insurers and intermediaries

or insurance intermediaries;

(n) Supervising the functioning of the tariff advisory committee;

(o) Specifying the percentage of premium income of the insurer

to finance schemes for promoting and regulating professional

organizations referred to in clause(f);

(p) Specifying the percentage of life insurance business and

general insurance business to be undertaken by the insurer in the

rural or social sector; and

(q) Exercising such other powers as may be prescribed;

Essentials for the license

11. The IRDA has prescribed both qualifications and disqualification for

a person to be given a license.

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12. The person must :-

• Be at least 18 years of age;

• Have passed at least 12th standard or more (if he is appointed

in a place with population 5000 or more),10th standard


• Have undergone training for at least 100 hours in life or

general insurance business as the case may be from an

institution, approved and notified by the authority;

• Should have also passed the pre-recruitment examination

conducted by the Insurance Institute of India or any other

examination body recognized by the authority.

• In case of an applicant for the composite insurance agent,

he/she should have completed at least 150 hours practical

training in life & general insurance business, which may be

spread over six to eight weeks.


13. The factors that would debar a person from obtaining a license are

that he/she

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14. Has been found to be of unsound mind by a court of competent


15. The license once issued can be cancelled whenever the person

acquires a disqualification. In the case of companies & firms who want to

become agents, the test of qualification & disqualification would be

applied to all the directors or partners.

16. There are two separate forms, one for individuals & another for

those other than individuals, in which the applications are to be made. The

two forms are numbered by irda-agent vb & are annexed to the regulation.

The applications in the respective forms have to be made to the designated

person appointed buy the insurer sponsoring the application.

The application for the license should be accomplished by proofs.

• Of fee having been remitted to the authority.

• Of age

• Of having completed the training & passed the prescribed examination.

17. The fee to be sent to the authority directly is Rs. 250 for new license

& for renewals applied for within the prescribed period, viz, at least 30

days before the date of expiry. If the application is made after the date of

expiry it would be normally refused. But, if the authority is satisfied that

510728502 Page 47
hardship would be caused otherwise, the license may be renewed. Prior to

renewal of the license of the license the agent should have completed at

least 25 hours practical training in life or general insurance business or at

least 50 hours practical training in life & general insurance business in the

case of a composite insurance agent.

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The Duties & Obligations of the Agent

18. As per the IRDA guidelines every advisor must be trained &

licensed to sell life insurance. The responsibilities & obligations of the

advisors have been clearly defined.

• Every insurance agent should himself & the insurance company that

he represents along with the license particulars.

• The advisors should take into the actual needs of the clients before

recommending a plan.

• All requisite information in respect of the products recommended

should be provided with a ‘Sales Illustration’ & the premium to be


• The agent is obligated to disclose the scales of commission likely to

be earned by him through sale of the recommended product, should

the client wish to know it.

• The nature of information required in the application form should be

adequately explained along with the requirement for supporting


• Once the proposal is submitted, the advisor shall inform the status of

decision by insurer promptly.

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• In case of a claim, the advisor is required to render necessary

assistance in complying with the requirements for settlement of

claims by the insurer.

• He/she should not interfere with any proposal introduced by any

other any insurance advisor/agent or force the client to terminate an

existing policy taken from him/her & take a new proposal within 3


• An advisor cannot induce the client to omit any material information

or submit any wrong information in the proposal form.

• Further no rebating or offering any inducements in lieu of taking a

policy is allowed.

Code of Conduct for the Agent

19. The licensing of Insurance Agent Regulations, 2000 lays down a

code of conduct for the agents which state that the agent shall

• Disclose the license to the prospect on demand.

• Explain all available options to the prospect.

• Disclose the scales of commission, if asked for by the prospect.

• Impress upon the prospect need to disclose all information

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• Inform the insurer about any adverse habits & materials facts of the

person to be insured.

• Convey to the proper about the acceptance or rejection of the


• Render necessary assistance to policy holders or claimants or

beneficiaries in complying with the requirements, asked for by the

insurer. Advise policy holders to affect nomination.

• Make every attempts to ensure remittance of premiums by the policy

holders within the stipulated time by giving notice orally or in written.

• Not induce the prospect to submit any wrong information.

• Not interfere with the proposal introduced by other insurance agents.

• Not demand or receive share of proceeds under an insurance


• Not cause the termination of an existing policy with a view to effect

a new proposal.


20. SBI life insurance co. ltd. aspires to provide state of the art of

customer service & opportunities & avenues for enterprising people to

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grow & prosper. The company wish to grow exponentially that is backed

by the latest technology, hence offering its customers:

• Complete & diversified product portfolio.

• Faster & more accurate service.

• Multi-channel distribution systems.

• Highly trained professional sales people offering quality pre & post

sales service.

21. It is in the above mentioned areas of personal specialization where

the importance of an advisor clearly stands out the advisor not only

contribute in brining in new business for the company, but also plays an

important part in offering world class pre & post sales service to the clients

to the clients with the support of the organization. But the company in its

principles clearly states out that an advisor to means “much more than a

salesman or a saleswoman, we at SBI Life Insurance recognize our

advisors as the ambassadors of our organization in the market place & we

consider the advisor force would be our biggest differentiating factor in the

coming years”. The advisor is an important asset not only for the

organization from the business point of view but also to the society on the

whole as he/she is someone who provide valuable service to the

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community be helping people attain financial security & build funds for

their future needs thereby assisting them in getting their financial freedom.

If looked from the other side of the business where the company is

operating the competitive Indian market & more so in the business of life

insurance where the customers looks for self-belief & faith then the

advisor certainly holds the vital link in the overall business proposition.

They represent the company’s face & words on which the customers can

trust because the customer knows that face. The advisor helps to create a

web for the business to grow & driving the customer to come to the

company with complete trust & faith.


22. The company in its vision out the urge to become the dominant

player in the industry. The company believes that a high level of self-

motivation & a coherent team work for the organization can only achieve

this on the whole. The company stresses great emphasis on its core values

which are:




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30. These are the foundation on which the organization works & the

base for the overall business environment of the company. Based on the

above mentioned ‘Pillars’ of the company the management has devised the

basic principles for the program as a whole which are as following:


23. Each employee is a stake holder in the organization & its growth. It

is the one of the important specialty here that the responsibility comes with

a degree of autonomy & accountability. The area of operation & growth is

to be decided by the individuals himself. But the communication is across

the channels & ranks whereby the targets are sent & the corrective

measures & rewards also come to them. The most important factor is the

employee participation & empowerment.


24. The rewards in the company are directly proportional to the work &

targets achieved & gone beyond. You work hard you earn more. The

contributions done are recognized in the most objective & transparent

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manner & on the demonstrated competence level. But yes there is certainly

an extra for the people who go beyond then what is expected from them.


25. The company focuses on having the organizations striving towards a

common goal, which is easily done through the effective communication

& work channel. Large scale interactive process at the organization &

group level helps in getting the employees know of what is expected of

them & how has been achieved. This factor encompasses through all the

critical intervention by the team members or the mentor of the team.


26. The company is in a continuous search for the best of talents in the

market, which align with the vision & mission of the organization. The

company states out its working culture in certain important factors for the

interested incumbents:

• Urge from the incumbent to be a part of a world class sales steam.

• The freedom of working from his/her own office/residence.

• The flexibility of working hours i.e., full time or part time.

• Opportunity to earn commission, bonus & incentives.

• Unlimited earnings- directly proportional to your efforts.

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• Most important- the chance of flexible career.

27. The company is aware of the current trends in the market & the

essential factors of increasing the personal & human feeling to business.

Thus, the company has got some underlying facts & reasons for the

working in a specific manner.

28. The company gives the space & time required to grow, achieve & to

seek new domains & opportunities. The changing dynamics of business

makes it evident that the new opportunities will come from the gaps &

needs in the market. Therefore, the need is to be alert enough to notice

these new happenings & tap them as & when they arise. The people in the

company are its most important asset but the real focus should be on

delivering on the promises undertaken.

29. The company also stresses out that the incumbents should have that

urge & self belief so that they are confident enough of driving the

innovation & change drives that they think are essential. The company

believes in being innovative & tenacious enough to open a new domains &

horizons of business & hence regularly in the process of developing new

products & offerings state of art services to all its clients, brokers & agents

in the business. Further, with the growing symbiosis of technology in the

business the company also focuses on this aspect in the sense that it takes

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e-commerce & technology on a very high priority with increasing resource

being targeted at the new business economy & the internet.



(a) Age should be ideally between 25-60 years.

(b) Minimum education qualification is 10 + 2.

(c) Good & convincing communication skills.

(d) Capacity to build an impressive network.

(e) Engaged in gainful business or corporation.

(f) Willing to undergo extensive training & development


(g) Pleasing personality.

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31. As an advisor for the company, the role of the individual is no way

limited to sell the policies of the company. But the role basically starts

from the basics of explaining the life insurance aspects & the potential

benefits to the customers. Further he is required to assist them in deciding

upon the plan that suits them the best in terms of finance and security

provided. Therefore the opportunity provided to the advisor is unlimited in

no way and the typical benefits can be mentioned as followings:

• There is absolutely no need of a startup capital.

• There is the benefit of flexible working hours.

• The freedom to work from anywhere & being one’s own boss.

• The unlimited earning benefits in form of remuneration & incentives.

• And the privilege of being a part of a world class sales team.

32. The role of an advisor is multifaceted in the sense that his work

scope is in no way limited. But in a nut shell the expectations from an

advisor has been laid down by the management in the following manner

under two main headings:

(a) Providing continuous financial advise to clients

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• Identifying prospective clients.

• Making appointments

• Conducting reviews with the prospective/existing clients.

• Closing the sales contracts

• Getting more referrals so as to increase the network

• Providing pre & post sales services to clients

(b) The advisor is also required to regularly follow the internal

sales & the internal reporting system so as to get the feed back &

further leads for the prospective areas of business & improvement.


33. The benefits have already been mentioned very often in the previous

section but it’s necessary to look into them as a comprehensive criterion.

The main benefits & supports that an advisor would be availing of are the

distinct SBI life advantages:


34. The job profile as mentioned earlier is unlimited & an advisor will

help people realize their dreams & provide them the financial &

psychological security & faith. The ultimate rewards will be the

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differences made to all these lives & that would be most satisfying in the

real sense.


35. Being at SBI gives the opportunity to be a part of India’s best team

of life insurance advisors. The company is numero uno among the private

players in the industry & has won numerous recognition & awards that

give it the international edge.


36. SBI offers the most competitive remuneration benefits at person in

the industry, which proves to be very useful from long term perspective of

financial security. There is absolutely no limit to one’s earnings & the

added incentives just help as advisor to get more than what he/she expects.


37. At SBI, the advisor is a boss in himself & in the real sense. There is

the freedom to choose the workplace, the work timings & the amount of

earnings one wants to have. Moreover there is no need of any initial capital

investment, yet one can become an entrepreneur in the most unexpected


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38. The company leverages on the international linkages that it has got

to provide the best training available in the industry at the present. The

company aims to impart the necessary skills & competencies to all even if

there is no previous experience with the individual. The presence of trained

in-house trainers & professionals provide the necessary aspects of training

required. Moreover, the training is being provided with the help of

professional institutions & centers like the RNIS College.


39. SBI’s commitment to Career Agency System imparts support to the

advisors at every stage of the business. The company believes in

encouraging the advisors to the highest level of success all through their

career. One of the distinct factor is the opportunity & the option of a

management career option for the successful performers.


40. The huge investments that the company has made to develop the

state of art infrastructure throughout the business. The infrastructure

provides the necessary tools, technology & human support that enable to

build a profitable long term relationship.

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41. The company has got more than four hundred policies for its

customers. This consists of the unique individuals, groups, & rider

policies. This extensive, diversified & comprehensive range provides the

competitive edge that no other advisor would be having in the market.


42. The company has got unique sales & marketing tools to help &

support the advisors at every stage of the career. The sales, promotions &

marketing collaterals that the company posses help to achieve just that.


43. SBI Life offers the advisors & the customers’ unmatched financial

strength & solidity. The huge amount of paid up capital & growing

revenues are an indicator of the same.


• Field visits for the incumbents

• Training on products & selling skills

• Regular business reviews to monitor the progress

• The UM acts both as a coach & a mentor

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• The UM recognizes the high performers

• Helps in becoming financially independent


• To achieve the sales targets given

• To participate in all the meetings being placed

• Attending all the training programs being arranged

• Report for the weekly reviews at the office

• Regularly following the sales process

• And the advisors are also required to follow the weekly reporting




44. It is an exclusive program achievers among the advisors but the

scope of progression is limited only to a few hand picked all round

performers. The TIGER TEAM represents a fast track career path for the

advisors. The successful candidates are recognized as Tigers. One

continues to do his/her business but the benefits comes added on. The

criteria for selections are:

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• Age 25-40 years

• At least one year of working in the system

• Case count should be at least of two per month.


45. This program offers the following benefits:

• Part time career as a trainee

• To conduct foundation programs

• Opportunity to share the best field practices

• Chance to replicate one’s own business

• Freedom to continue with one’s business

46. The selection criteria for this program are:

• Age 25-40 years

• At least six months of working in the system

• Case count of at least two per month


47. This program is for the high achievers in the system & the major

benefits that are on offer are as following:

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• A full time career as a Unit Manager

• The possibility of growth within SBI Life

• Greater earning potential

• The scope for personal development

48. The selection criteria for this program are:

• Age 25-40 years

• At least six months of working in the system

• Case count of at least two per month


49. This program offer following features:

• Offering a full time career as a Unit Manager

• Opportunity of growth within SBI Life

• Scope of greater earning potential

• The scope for personal development

50. The selection criteria for this program are:

• Age 25-40 years

• At least six months of working in the system

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• Case count of at least five per month (for 6 months)


51. This is the highest level of career progression on offer. It has got

several distinct features, which sets it apart from all the above mentioned

programs. This program aims at rewarding the super-achievers working

with the company. The features of this program are as follows:

• The chance of taking one’s business to higher level.

• To develop one’s own business, i.e. to develop into an entrepreneur

• The freedom of recruiting new advisors & making one’s own team

• The potential of increased reach of network

52. The selection criteria for this program are as following:

• At least one year of working I the system

• Minimum of 36 policies & Rs. 3.60 lacs premium

• Selection process (assessment center)

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Trainer 12-18
Trainer 12-18


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53. The production targets shall be split into two stages:

(a) Minimum Business Guarantee (MBG)

(b) Bonus Target

Minimum Business Guarantee (MBG)

54. The Minimum Business Guarantee are as below :-

• The minimum business that has to be achieved

• Every quarter required to sell at least three policies & collect Rs. 20,000

as FYP

• Weightage for premium on single premium is 10%

• Only the premium received in a quarter will be considered

• FYP implies premium for all new business in that quarter

• Annual target of Rs. 80,000 FYP & 12 policies to be met


55. The advisors are aptly rewarded for higher levels of productivity

that they achieve. The bonus targets for such achievers are as following:

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SBI Life Insurance

56. SBI Life Insurance Company is a joint venture between SBI

Bank, a premier financial powerhouse and Cardif SA of France, a

leading international financial services group headquartered in the

France. SBI Life Insurance begins its operation in 2002 after

receiving approval from the Insurance Regulatory Development

Authority (IRDA).

57. For the year ended March 31, 2006, the company garnered Rs

24.12 billion of weighted new business premium and wrote 837,963

policies. The sum assured in force stands at Rs 458.88 billion. The

company has a network of over 72,000 advisors; as well as 9 banc

assurance partners and over 200 corporate agent and broker tie-ups.

It is also the only life insurer in India to be assigned AAA credit

rating from Fitch Ratings. For the past five years, SBI Life has

retained its position as the No. 1 private life insurer in the country,

with a wide range of flexible products that meet the needs of the

Indian customer at every step in life. SBI Bank and Cardiff SA of

France hold 74 percent and 26 percent stake respectively.

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58. To make SBI Life Insurance the dominant Life and Pensions player

built on trust by world-class people and service.

This we hope to achieve by:

• Understanding the needs of customers and offering them superior

products and service

• Leveraging technology to service customers quickly, efficiently and


• Developing and implementing superior risk management and

investment strategies to offer sustainable and stable returns to our


• Providing an enabling environment to foster growth and learning for

our employees

• And above all, building transparency in all our dealings.

59. The success of the company will be founded in its unflinching

commitment to 5 core values -- Integrity, Customer First, Boundary less,

Ownership and Passion. Each of the values describes what the company

stands for, the qualities of our people and the way we work.

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60. We do believe that we are on the threshold of an exciting new

opportunity, where we can play a significant role in redefining and

reshaping the sector. Given the quality of our parentage and the

commitment of our team, there are no limits to our growth.

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i. Objective One

1. The objective of the research done for the company was to know

about the current perception about the company & its products. Moreover

the secondary aim was also to increase the company’s database of

prospects by getting the contacts of the respondents.

ii. Objective Two

2. However, if looked into the questionnaire the purpose of attracting

the incumbents towards the company & its network of channel was on

whole quite successful exercise.

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i. Significance to the industry.

1. The company would know on what areas to improve, to face the

competition, and also ways and means to beat it. It helps the company to

know about the consumer behavior and their likings etc.

ii. Exploratory/descriptive/experimental Research etc

• Practical knowledge.
• Working environment of the company
• We learnt how to bring our theoretical knowledge into practice.


2. Primary Data: For the purpose of collecting primary data, the

researcher has adopted the method of survey. Survey can be telephonic, by

mail personal and by the diary. For the purpose of collected detailed

information, researcher has chosen surveys based on personal interview –

by means of questionnaire.

3. Secondary Data: It has been collected from various books and

internet sites. Researcher has adopted this method of data collection, as the

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researcher liters no access to magazines and journal but a plenty of

material was available on the internet sites.


4. Sampling Technique:

a. Convenient sampling techniques is used to

determined the customer satisfaction of SBI Life Insurance Products

and HDFC Standard Life Insurance products.

b. Random sampling is done to determine the market

share of the company over other competitors.

5. Sampling Area: Delhi

6. Sample Size: Sample size for the study of customer satisfaction is

100 customers who have taken Life Insurance plans by SBI Life Insurance


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1. As we all know that for every good work there should be some

leakages also. Here leakages means some drawbacks. What I had found are

expected to be as follows:

 Lack of proper advertisement over the market.

 Growing awareness is very low.

 Segmented area is very specific.

 Network over the work is very exhaustive.

 Company always believes their own channels.

 Flow of information moves very slow.

 Carelessness in selection procedure.

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1. When you hear the word insurance, what comes to your mind first?

L.I.C. Investment Tax Saver Don’t Know

42% 18% 37% 3%


37% 42%


L.I.C. Investment Tax Saver Don't Know

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2. Insurance companies are now privatized?

Yes No Don’t Know

70% 27% 3%




Yes No Don't Know

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3. Can you name a few insurance companies?

PSU’s Private Both Don’t Know

32% 28% 38% 2%



PSU's Private Both Don't Know

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4. Do you have an insurance policy?

Yes No

82% 18%


Yes No

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5. The main aim to buy insurance policies is to

Save tax As investment Both

40% 25% 35%

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Save Tax Investment Both

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6. Do you plan to buy insurance policy in next 3-4 months?

Yes No Can’t say

43% 25% 32%



Yes No Can't say

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7. Would you be willing to buy insurance policy from a private


Yes No Can’t say

28% 42% 30%

30% 28%


Yes No Can't say

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8. Do you know which channel of distribution is most popular in

selling insurance?

Advisors Brokers Banc assurance All Don’t Know

30% 17% 9% 43% 1%




Advisors Brokers Banc assurance All Don't Know

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9. How much is the earning of an advisor?

Limited Unlimited Don’t Know

46% 22% 32%



Limited Unlimited Don't Know

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10. Do you have any idea about the benefits of an advisor?

Career Progression No Growth Chance No Idea

33% 27% 40%



Limited Unlimited Don't Know

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11. Do you currently have an agency for any insurance company?

Yes No

37% 63%



Yes No

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12. Would you like to join as an insurance advisor?

Yes No Can’t Say

15% 70% 15%

15% 15%


Yes No Can't say

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• Most of the people contacted were aware of the company but were very

much unaware of the company’s product & their comparative

advantages over the competition in the market.

• Being an insurance advisor is seen as an additional source of income &

not a full time employment by most of the people, least a career.

• There were respondents who were existing advisors of other companies

but were interested in getting their family members registered as the

company’s advisor

• The target population for the study was mostly the self-employed

segment so the urge to earn more money sitting at home was very much


• The biggest hurdle in getting the process completed was the

obligation to undergo 100 hours of training. Most of the people were

very reluctant in undergoing training which was time consuming &

disturbing to their primary work

• Even the option of online training was not that impressive to them due

to lack of computer knowledge

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• Further, the next problem that was evident was the prescribed fee of Rs.

1,000 was at times too much for the people specially for those who

come in the lower middle class but who do possess a good social

network & could be a viable option for the company

• As regard the perception of the company is concerned the most

outstanding factor that stood out was the inability, on the respondent’s

side, to differentiate between the SBI Life & the LIC. Moreover the

policies of the LIC were also casting their effect on the benefits being

spelt out to the prospect.

• Another important factor for the company was that all the respondents

were aware of the SBI brand name & hence the company’s name & its

international linkage is likely to pay off in the coming period of time

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1. The insurance company has to continuously upgrade its products by

continuously assessing the changing needs of the prospects and clients.

There should be a up gradation of the employees by giving them training

from time to time and motivation with the ingredients of professionalism

like ethics, service, compliance and quality.

2. The company has not exploited various sources which have a huge

business potential. for e.g. I gave 7 recruitments from a desk of SBI bank

very near to our branch office at videocon tower. Still there are lot of

willing and potential people who can give very good business to the


3. Better marketing activities are required, so that the awareness can be

increased specially among corporate.

4. More products, which give assured returns, should be there for the

investors because most of the investors ask about security part of the

policies especially during the time of slow down of the economy and to tap

the investors who at present investing in fixed deposit.

5. Better follow-up activity is required to tap the potential customers.

Tax saving scheme should be modified according to the requirements of

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the investors because a lot of persons are saving to reduce their tax

liability. The policies should be made such that it is viewed as hedging

tools to earn risk-free returns i.e. it should be considered more than just a

risk cover.

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1. The company is in the regular process of investing considerably in

expanding the advisor base & administration & building infrastructure to

meet demand in the increasing market. The company’s group business is

also beginning to show results, with restructured group gratuity,

superannuation & term products attracting 85 corporate clients. A new

employee goes through a two day induction module which introduces

him/her to the life insurance industry, concepts of life insurance, the shared

values of the company as well as information on the company & core

business processes, which is reinforced through an intranet based induction

module which can be accessed anywhere, anytime

2. Training focuses on a learning architecture addressing both

development of generic & functional competencies comprising the four

areas of leadership, business mastery, personal effectiveness & functional


3. The attrition for the company is 1.5%. it believes that people stay

with for the excitement & learning they get at the workplace. The

compensation strategy is based on the threefold model of pay for

Performance, Pay for the Job & Pay in line with the market.

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4. The company anticipates the market place to get increasingly

competitive & it believes that its first mover advantage will pay rich

dividends & enable to consolidate the leadership position amongst the

private sector insurance players.

5. Being an SBI Life insurance advisor can be one of the most

rewarding careers you will find. It is also hard work. But at SBI life, your

hard works pays off in the form of compensation & recognition

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 Financial Management (Prasanna Chandra, Chap- 40, Page 1064)

 Marketing Research (N.K Malhotra. Ed-4th, Cap-12,)


 Economic Times

 The Hindu

Site Referred:

 www.sbilife.co.in

 www.economictimes.com

 www.irdaindia.org

 www.sbibank.com

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1. Do you awareness of SBI l Life Insurance?

 Yes  No

2. Are you aware of the tie-up between SBI and Cardiff of France?

 Yes  No

3. What you think about the products offered by SBI Life ?

 Good  Average

 Bad  Can’t Say

4. How important for you life insurance?

 Very important  Important

 Not important  Not aware

5. Insurance products are :

 Investment plans  Tax saving plans

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 Life Concern  All of the above

6. What you think about the career in insurance sector?

 Exciting  Like any other career

 Not interesting  Can’t say

7. What do you think is most important in the market linked plans of SBI

Life ?

 Flexibility  Life concern

 Better return

8. Why do you want to join the insurance sector ?

 Good Incentives  Working Flexibility

 Growth  Brand Name

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